Public revenues target for 2018 exceeds 51 bln€

Tuesday, 13 February 2018 14:16

By G. Kouros

The revenue target for Greece's Independent Public Revenues Authority in 2018 reaches just more than 51 billion euros, up from 46.85 billion euros in 2017, with the memorandum-mandated goal remaining a primary budget surplus of 3.82 percent of GDP.

Moreover, the authority's target for rebates to taxpayers is 3.648 billion euros, up from 3.289 billion euros in 2017.

Taxpayers in the recession-battered country must fork over another 951 million euros in taxes in 2018, compared to 2017, with no less than 12 new austerity measures being implemented as of Jan. 1, 2019 - part of a "tax tsunami" passed through Parliament by the current leftist-rightist coalition government in 2016.

Austerity measures include a 50-percent reduction in an annual heating oil subsidy; a recalculation of pensions, downwards; higher contributions by self-employed professionals and a harmonization of VAT rates (higher) for various eastern Aegean islands along with an overnight hotel stay surcharge.